We have a meaningful signal occurring, we have a head and shoulders pattern, price action has broken through a support trend line and is reaching for the neckline next! Hourly chart shows candlestick formation, as well as price bouncing of a resistance pivot level, which says prices will drop! The most important signal is on the daily chart, price action has just broken through a long trend line which confirms lower prices! That same trend line from the daily chart is being used as strong resistance, price action touched, found resistance at that line, and started dropping. Text book scenario! Technical's all around on this chart!
Note
The mechanics say price action will test the neckline, or even break through it, find resistance there and bounce right down!!!Note
Price action actually decided to test the daily chart trend line, as soon as it rejected the daily trend line price started to come down, and should continue down !!!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.